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$ 550,000
Est. payment /mo
New
3931 McGraw Street Detroit, MI 48208
27 Baths
24,255 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 24,255 sqft
Price per Sqft $22
Subdivision Mi
MLS Listing ID 61018360
Full Baths 27
Year Built 1920
Annual Tax Amount $16,955
Lot Size 0.380 Acres
Acres 0.38
Lot Dimensions 127x130
Property Sub-Type Multi-Family
Property Description
McGraw/Boulevard Lawn Apartments Strategically positioned at McGraw Street and West Grand Boulevard, this four-section, interconnected multifamily complex offers exceptional redevelopment potential within an increasingly connected area of Detroit. The property sits between several of the city's most significant investment districts, including Henry Ford Health's $3 billion Future of Health initiative, Ford's Michigan Central innovation district, and the advancing $62 million Junction McGraw industrial development. Access to I-94 and I-96 connects the site to Downtown, Midtown, Dearborn, major employment centers, Detroit's stadium and entertainment district--including Ford Field, Comerica Park, and Little Caesars Arena--and the Ambassador and Gordie Howe international bridges to Canada. The apartments offer varied configurations serving a broad range of household needs. A unit mix weighted toward three-bedroom apartments can accommodate families seeking larger rental housing. Generously sized two-bedroom units provide flexibility for residents who work from home or need office, study, or multipurpose space. One-bedroom apartments further broaden the tenant base and allow the development to serve multiple household sizes and price points. This substantial redevelopment opportunity is ideally suited to a seasoned, well-capitalized developer with the experience and resources to execute a comprehensive, multi-phase rehabilitation. The project requires a sponsor capable of navigating structural rehabilitation, municipal approvals, construction financing, phased construction, and lease-up. For the right team, it presents an exceptional opportunity to reposition a distinctive 27-unit residential asset, create quality housing for Detroit's missing-middle workforce, support broader workforce-development goals, and pursue nearby infill opportunities. Buyer to independently verify all building measurements.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Residential
Rooms
Basement Common
Interior
Heating Other-See Remarks
Cooling Other
Fireplace No
Exterior
Exterior Feature Brick, Stone
Building
Foundation Basement
Water Public Water
Structure Type Brick,Stone
Schools
School District Detroit City School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Elite Urban Realty Professionals